Commonwealth Consolidated Acts

AUSTRALIAN INDUSTRY DEVELOPMENT CORPORATION ACT 1970 - SECT 29ZB

             (1)  A deduction shall be allowable to the receiving subsidiary under the Income Tax Assessment Act 1936 or the Income Tax Assessment Act 1997 (as appropriate) in relation to a payment made, or required to be made, by it under section 29L of this Act (whether or not the payment is made, or required to be made, to the Corporation) in relation to an outgoing incurred by the Corporation, or that would have been incurred by the Corporation but for the enactment and operation of this Part, to the extent to which, and at the time at which, a deduction would have been allowable to the Corporation under either of those Acts in relation to the outgoing but for the enactment and operation of this Part.

             (2)  A deduction shall not be allowable to the Corporation under the Income Tax Assessment Act 1936 or the Income Tax Assessment Act 1997 in relation to an outgoing incurred by it, or that would have been incurred by it but for the enactment and operation of this Part, to the extent to which a deduction is, under subsection (1), allowable to the receiving subsidiary under either of those Acts in relation to the outgoing.

             (3)  The assessable income of the Corporation for the purposes of the Income Tax Assessment Act 1936 or the Income Tax Assessment Act 1997 (as appropriate) is not to include:

                     (a)  any payment made by the receiving subsidiary under section 29L of this Act (whether or not the payment is made, or required to be made, to the Corporation); or

                     (b)  any payment made to the Corporation in relation to which section 29LA of this Act applies.